EUR/USD Intraday Trading Report February 10, 2012

Update 1 (03:33 GMT): The price has been dilly-dallying along the news flow. It is tough to trade such a headline driven market. The price made multiple attempts yesterday to break through the 1.3300 barrier and surge to the 100-day MA (1.3333). I expect the same to happen to happen today too. A break of that level can usher in more buyers; and this can take the price to 1.3432 which is the 21-day upper bollinger.

Update 2 (08:31 GMT): The see-saw price action continues. These are those days when scalpers have a good time trying to make something out the predictable 20 – 30 pip moves up and down. 1.3215 (the daily low of Feb 09) can act as a mid-term support for the time being.

Update 3 (12:30 GMT): The fall was expected. I am clamoring about this since the past two days or so. And it occurred today. Now, we have to see whether the price stays below 1.3180 or above it.

Update 4 (15:50 GMT): The longer we stay below 1.3180, the greater are the chances of revisiting 1.2931 (daily low January 25, 2012).